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support is necessary. if the economy does not improve along the lines that we expect, we'll provide additional support. if financial conditions evolve in a way that's inconsistent with economic recovery, we will provide support. but we're -- and in that way, we hope to increase confidence both among market participants, but also among investors and private consumers and other people in the economy. but again, your point is well taken that we are in a position where the simple adjustment by 25 basis points in the federal funds rate seems like a long-ago experience. and we are in a more complex type of situation. but we are determined to be as clear as we can, and we hope that you and your listeners and the markets will all be able to follow what we're saying. >> we'll go to donna and then go to peter. >> donna boreack with american banker. next month will be the anniversary of the dodd-franken act. can you provide us an update on where we stand with the rule makings and, also, are you still optimistic we will see the rules completed by the end of this year? >> it's certainly true tha
and contacts. andn a good economy, it helps us get a job. the's a reason that tuition continues to ris parents and kidsee there's a real value to having a degree by your name. i think we've got to recognize it's not the education. we get something entirely different of vlue from going to college. >> mike, there's another reason why collegeuition is going up, and that's the government, right? >> well, that's ght. first of all, it sound like john and i shared the same type of college experience. but yes, you'rebsolutely rig. the reason why fewer graduates are earning a return onheir investment or their parents' investment is because government subsidies have raised the tuition of college. and at the same time, david, this is the worst economic recovery we've had snce the depression. so it's haer to earn that return. >> but steve forbes, even if a down economy, and we a growin at anemic rates, the mart still provides some answers, doesn't it? >> it does, david. and what we have here says more about our dysfunctional government than it does about lleges, if this guy can make that kindof m and have
the fedotenko start scaling back its bond buying program at the end of the year if the economy continues to improve. his comments at the meeting shook the stock and bond market. it's greater optimism. the unemployment could drop to 6 point phone 5% in 2014. that's a year earlier than previously thought. they're still not concerned about inflation and think gdp might expand faster than 3% over the next two years. bernanke tried to draw a distinct line between tapering and the end of qe 2. >> the most important thing that i just want to convey again is that it's important not to say this date, that date, this time. it's important to understand our policies are economic dependent. >>> so coming from the fed. equities sold off in the united states. you can see here just about 35, 40 stocks on the dow jones 500. ftse up 1 2/3. the pmi number. basic resources are the biggest seller. that comes off with china, hsbc pmi down at a nine-month low. new orders down. we're getting more on that from munich. the market reaction, this means commodities are weaker as well to date. spot gold down 3% this
what he said? valuations are attractive still. businesses are doing well. the economy is strengthening. get this. he says even with $20 billion, he opportunity have enough money to take advantage of all the opportunities here. >> 20. it's not all his. >> he says he's not looking at this point like, look, maybe the rate of the market has slowed down. we're not talking about three year doubles at this point. he says for his funds he's looking more five or six years for doubling. maybe nine or ten for the market. still talking about a very strong market and a place he sees great opportunity. >> these are times you try to keep your cool. >> got to have some powder. got to have dry powder. >> i wish we had all the guys looking for -- if they were to come on and say no, no, no, i'd feel better. they're never able to pull the trigger. want to go overseas? >> i think we should. for a moment. >> take us there. >> i hear this whole thing in china is kind of just not just ben bernanke creating some problems. let's talk about trading in asia and europe today. ross westgate standing by in london. f
base metals, indication of a slower global economy. commodity stocks, of course, they get hit when the dollar rises, 3%, 4% declines. they've been down 15% in the last six weeks here. let's move on here. there was no place to hide. it didn't matter. consumer staple stocks down 3%. utilities were down 3%. consumer discretionary defense care is not defensive. there wasn't any place to hide. i just want to note, larry, the s&p 500 down 5% from its historic high just about a month ago, but it's still up almost 12% on the year. bear that in mind, i want to know we're already getting deals cancelled and we had one secondary canceled tonight and brookfield renewable energy and they own wind mills and natural gas-fired power plants and they canceled late tonight due to what they call market conditions and the slide to the downside. larry, right now the futures are pretty much unchanged and we'll have it open tomorrow with a lot of trading and it will be the options exploration. after that, a lot of people here are hoping for a relatively smooth day, but nobody knows for sure. back to you.
this year. if they remain broadly aligned with our current expectations for the economy, we will continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around mid year. >> the bonds finished in the red as the blue chip index showed its seventh straight move. all the main s&p sectors closed lowers. the worst performers were defensive sectors. telecons. this is what people had been warning us, look out for those stocks that act more like bonds. that's exactly what happened yesterday. the yield on the ten year treasury, it hit a 15-month high if you take a look at that. 2.426%. this is a concerning move. this morning the dow futures are indicated down triple digits once again. this is on top of a 200 point plus drop yesterday. it doesn't look like there's going to be a quick bounce back, at least not this morning. >> we have a number of newsmakers to help us make our way through all of this, get through these questions raised by the fed bank. including alfred broaddus and former minneapolis fed. we have john stumpf. cisco is going to h
-changer? the economy getting better? >> think investors don't believe what bernanke is telling us. that the economy is stronger. and that it is a lack of confidence in the economy's ability a to stand on its two feet without all of this liquidity. >> and do you think this is old-fashioned profit taking? we've had good gains for 2013. we've had good gains for last four years. is it time to take something off the table for that reason. >> think i so. and a couple dayes with twloost days of run up with the announcement yesterday was short-covering. so i think you have people on the shore wagon as well. i think it is a combination of profits and the move down today. >> have you a triple witch tomorrow right? expiration coming tomorrow. how does that impact things? >> i think that exaggerates the moods. usually you see a lot of activity and volume and movement. and what we have seen the last few days is a heavy down days. i think the on coming combination exaggerate the move and puts pressure in that direction of the movement in this case down and exaggerate this move. not quite a bit but, significantly
consequential meeting for markets and the federal reserve in terms of guiding markets and guiding the economy on policy here. i want to give you some tips that i think is a way to listen to bernanke today. i think you want to watch the forecast, the 2.6% gdp growth, the average for 2013 and the 7.4% unemployment rate. those could both come down here. unemployment could actually go either way, but i think it might come down here. watch the tapering guidance of the the market bet is that there is not a taper at this meeting, but bernanke could lay the groundwork for september or sooner. rates versus qe. listen to the chairman try to talk. we expect this, that he'll start to say, you know what, bernanke could strive to convince the markets that tapering does not mean a rate hike, and finally i would expect the third degree on the third term. expect many questions on whether bernanke wants to stay or if, you know, he's been fired. one thing i want to show you is the ten-year. we'll be asking the fed chairman about traits and whether the rise in rates is something that the fed wants to have happen
mean for commerce and economy. >>> and now a backing off of a bid for sprint by dish, and they will concentrate on clearwire. >>> and also, a look at icahn stepping up dell bid. >>> and now the fed is wrapping up the two-day policy meeting this afternoon. investors hoping that fed will provide clarity about how and when the fed will wind down the bond buying program. make sure to watch the statement, and ben bernanke's news conference which is i perhaps more important, and it starts at 2:00 p.m., and one way or another, it is going to be nice to get something out of the way, wouldn't it? >> yes, i used to regard these events as big bad events when i worked at the hedge fund, because there could be relief even if he says the wrong thing and i'd love for him to address the 10-year, because it signals that the e kconomy is better, b it is not just weak. but if you address the 10-year, i'm in control and the bond vigilantes are not. i believe when this is over, we will come back and discuss -- i'm not kidding -- stocks. >> although, is it possible that the language that h
is not only allowing inflation, but the fact that it won't come down. and now the u.s. economy has to take into account that and the move of rates and the 1.5% move in rates is a hard pill to follow. >> and scott n the last three or maybe four, the feds have come in, and they have said, i am short the 10-year and take a boatload and every year they are wrong, and perhaps now, but to this point, we are waiting for an appreciable move in rates for year and years and the fact that the economy may not stand on its own legs is curious to me. i am curious what you are hearing out there, as well, scott, in terms of the pain people are taking on the fixed income side, and those who are not short credit and obviously watching the equities sell off. >> the market, whether it is treasuries or equities, the market was probably hoping and probably against the better judgment probably that bernanke yesterday was going to sort of walk it back, and walk back the notion that they were going to mention taper org that -- tapering or going to do it any time soon and we know that the people you are talking abo
and breaking the news, the stories behind the headlines. if the economy is getting better, why did wall street have the worst day of the year and the walls, exclusive the man that co-founded apple with steve jobs, his interview tonight on a segway, a machine that nearly killed me once. we'll get around to talking about why. i want him to talk about the new upcoming jobs movie. >> nobody wants to buy a computer, nobody. >> how did somebody know what they want if they have never even seen it? >> also, government snooping taking us back to the days of the cold war soviet union. >> i want to begin on the tragic death of james gandolfini yesterday. we're learning more about the moments of his family found him in his hotel room last night. dan is live in rome with more. dan, what is the latest? >> reporter: well, we've been piecing together the tragic final minutes of james gandolfini's life. we know that he arrived at the hospital at 10:40 p.m. having been rushed in found collapsed in his hotel room in a five-star hotel here in central rome. we know he was traveling with his 13-year-old son. there
morning to you. leaders of the world's most powerful economies are gathering in northern ireland for a two-day summit. british prime minister david cameron is the host, and he's pushing for countries to share more financial information. leaders there also expected to discuss differences on some of the big issues. syria's civil war, free trade between europe and north america and of course global tax evasion. we'll have a live report from steve sedgwick on the ground in the next hour. >>> unions in turkey, they're on a owuone-day strike over the eviction of protesters from a park in istanbul. police and protesters clashed from sporadically overnight following a weekend of scuffles in the city. nbc's richard engel will join us with the latest in the next hour. >>> also in corporate news this morning, a large activist investor in smithfield foods is pressuring the company to explore a break-up rather than go ahead with that planned $4.7 billion takeover by a chinese meat producer. i don't know if this is going to make joe happy or not, but "the wall street journal" reporting that starboard va
. and the double hit of the weak chinese economy and also the fed's tapering continue to weigh on this sector. back to you. >> thanks for that. let's recap what happened in the u.s. as well. selling off for a second day. dow, s&p 500 suffering their worst day of the year. dow down 254 points. highest one day percentage drop since last november. all 30 components down with 29 of the 30 dropping more than 1%. s&p had its worst one day percentage drop since november as well. november 2011, i should say. all ten s&p sectors were down more than 2%. 96% of the stocks listed on the benchmark index ended in the red. the vix, the markets fair gauged up more than 23% to its highest close since december. joining us for more, charles steeple, head of market strategy at lloyd's bank with us for the best part of the first hour today. good to see you. it's been described as sort of a big unwind of leverage. the thing that's striking about this, of course, actually what was the hedge yesterday that paid off? maybe if you were long in the vix. otherwise you were pretty much whammied. >> yeah. i mean, it's -- heads
the eurozone economy, arguing that recent signs of market stabilization mean that the ecb's interest rates are becoming a more effective tool again. we'll see about that. >>> also, g-8 leaders are wrapping up a summit in northern ireland today. british prime minister david cameron has, of course, been the host. he says the goal of the group is to "fired up our economies and drive growth and prosperity around the world." we're going to have more, of course, from cnbc's steve sedgwick, who's on the ground there in that beautiful live shot in about 20 minutes. >>> meantime, time for "the global markets report." we'll go across the pond not to ireland, but to london, where ross westgate is standing by this morning amid a sea of green. a little bit of red around. how are you doing, ross? >> yeah, hey, andrew, pretty good. we're actually at the best levels of the session today here for european equities. advances out-pacing decliners by around about, what, 6-2, 7-2 on the dow jones stocks 600. it's been a mixed morning, but the ftse 100 now up 0.8%, despite the that is correct if inflation numbe
the food away, and buy one lobster and get one lobster, and it is bad. darden blames the economy for people not spending at lo of money to buy the breadsticks. i don't want to hear that. >> and meanwhile, we think that the economy is improving and yesterday the numbers in a different environment most likely would have been positives for the equity market, but we are not overwhelmed by the worries of the philly fed, and numbers that most people thought were better than they thought it would be. >> and i look at the bonds and how is the 10-year, strong. okay. buy me 50,000, whatever. we are in one of the moments and if we are not looking at the bonds, you know, having fun. >> and something else that people were looking at is the chinese shibor. we don't talk about it a lot. >> right, something that can jump up to bite you. >> and the rate has come down overnight, and they are trying to tighten up the money supply, and tighten it up, and the corporate inflows are not as strong as they might have originally been for china, but all part of the plan in a way of 300 million people, and 15 years to
'll give the economy before it decides to reduce the monthly asset purchases. to me, the market has kind of adjusted its own expectations both for the worse and better, much more than the fed's message has changed. so i feel like it's really a lot of suspension been drained out of this meeting. by the way, the market itself, the treasury yields have calmed down. >> all right. amy, let me ask you in terms of allocating capital. where are you seeing the flow right now in terms of putting money to work? where is the conviction out there? what sector? >> well, hi, maria. from an options perspective, it's pretty interesting, because i think a lot of folks out there would say the fed's probably not going to say too much tomorrow. it may delay things out later. our own house view is for an october tapering session. however, from the options point of view, you've actually seen short-term term structure come up. so to translate that, that's basically saying near term, more volatility is expected relative to the outer terms. so the options market is actually expecting something for tomorrow, and y
. there haven't been a lot of good things, the nsa stuff in particular. the economy is beginning to look a little firmer. and so, usually, that is the fundamental push in the trend line. so, yeah, there is a little surprise there. >> bill: you know, all of the talk about -- of course, benghazi, the irs, the department of justice and then, as you points out, the nsa. it all had its impact the. on nsa, the president said the intelligence community has to explain what this program is all about. they made their first attempt saying this has foiled 50 different terrorist plots. do you think this buries the issue and americans will accept it and go along now? >> there are a couple of different layers to the issue. one is: do -- -- does the public generally accept the notion of vacuuming up all of this data? if it is persuaded that this is what is necessary to stop terrorist actions. my guess is the public would be split but basically lean towards favoring it. and as we have seen over the past couple of weeks in polling on this stuff. the second is: does the
,000 a month. the economy is not accelerating, and the fed has said clearly since january, they will taper when they see a substantial improvement in the jobs market, and i don't think they've seen it yet, especially with an uptick in unemployment growth. >> yet you do see a rise this year. >> absolutely, the april employment report over the course of the month of may, unemployment yields went up 20 basis points, and it wasn't just isolated to treasury yields. it's very real and it will have an effect on the economy, especially if the trend continues. >> if you are seeing an anticipation of the rates moving higher, mark, jump in here, because already you're seeing insurance companies, utilities, those companies that may benefit from higher rates actually get on the move here. so is that the train you want to get on, or do you want to stay with those dividend payers that have been working? >> i still think we prefer the dividend payers, because in this environment, the fed isn't going to adjust its underlying interest rate policy likely for a year, possibly two years or month. as a consequence,
on the economy but signaled this in no way means rates will go up. that led to a bit of a swoon in stocks during the session yesterday. the dow gave up more than 100 points. robin harding, who wrote the article, then took to twitter to tell everyone to chill out. he later defended his piece on cnbc's "fast money." >> the fed has a one-week blackout during which it doesn't say anything to anybody. so, people need to react to the content of the story rather than the existence of the story. and what i've seen happening today, and i think we saw it happening last week, too, is the market was reacting as if there's some secret bat signal coded here. >> asked if the article was timed for the greatest market impact, harding says he has nothing to do with that, that "the ft" sends out pieces when they write them. i mentioned mr. draghi as well. he says the ecb is looking at negative to positive rates with an open mind and with all intended consequences, rates becoming more effective. again, another measure we looked at on the considered possibility of having a break on deposit facilities, speaking in je
about the underlying economy. >> it's the economico outlook. >> you don't think he'll use the word? >> i don't think he'll use the letter. >> people will ask questions. >> but as long as -- as long as it doesn't start with a t. if there is a t in the world somewhere, he may use it. >> we could have a drinking game. first question has to be about tapering. will use the word taper. >> either tape ever or your ter. >> i was at a party with a drinking game, but it was with lemonade. makes no sense. they're practicing for the day when -- legmonade, you'll just get sick. >> that's okay. learn a lesson. >> i know. >> let's take a look at europe. again, futures are indicated higher and that may be because the expectation is that the fed will in fact slightly lower their economic outlook. if that he another case, you would expect they would not be pulling qe anytime soon. but right now the market is barely bunching in europe. in asia, you can see the nikkei was up about 1.8%. so volatility continues there. hang seng down by just over 1%. oil prices right now are indicated up about 50 cents. wti i
pulls the jumper cables off the drained battery that's been the economy, a healthy financial sector could be good, needed, and essential for a sustainable economic recovery. >> you mentioned oracle, nick. a lot of people were looking at oracle and saying this is evidence that global growth is slow. so what did you see in the oracle numbers? >> when we look at the numbers for all of the companies, things that are still tied into the emerging markets -- >> i see. >> -- the emerging economies are still struggling the most. when we collect all of the economic data, it's saying come home to the u.s. and so, some of the defensive sectors, the financials as well, we still like best some of the trends. not utilities, but telecom we like. when it comes to certain technology sectors and materials, energy, industrials, you know, these emerging economies, there's some scary things going on, particularly with the short-end rates in china. >> and the outflows prove it. >> yeah, rick santelli, how much higher on the 10-year yield, do you think in. >> i wish i could tell you. if this was a normal m
national security but invests in the economy. it's more about who we are. i'm very hopeful. >> senators get back to work on capitol hill behind me in this 15 minutes. we expect to hear from senator reid. back to you. >> joe biden is one in the immigration leading the charge for this. >> it's time to provide a fair, reformed unfettered pass to citizenship for $11 million undocumented immigrants. >> he spoke at a awards banquet in las vegas and says this is part of the future of america. >>> and san francisco state senator leland yee will hold a news conference in support of immigration reform. he will unveil a measure that pardons 11 million immigrants and branses them similar immigration rights as same-sex couples. >>> a new volunteer center has been launched for sierra lamar. they've moved to central high school. it used to be at burnett elementary. sierra's father, steve, made the move will allow volunteers to rico -- refocus on finding her. now, antolin garcia-torres has been charged with her murder. >>> a shooting happened about 10:00 at 6th and natoma. the victim was shot twice but is
and it makes the economy groechlt they say we are safer here. i continuing is an embarrassment and sends a message around the worl that the champion of liberty is move nothing the wrong direction and a bad step for the united states. >> steve, isn't there a danger of sitting back and letting the government decide? >> one of the legitimate functions of government is protecting us from external enemies and the constitution was written by framers who understood that governments that protect you can abuse you. take it out on the government. rich hit on something. if the company has in writing a certain order or request, and the statute is cited, the company is obligged to do it. if you don't like the law change the law. >> we want to stop the bad guys. companies can stop the government saying we are getting a ton of lawsuits on our doorsteps and in india, they are allowing tax officials with access to google and facebook data. >> the irs is different. >> india is pressuring to have government officials on-site at research in motion. >> by the way, hold on a second sabrina. why is the irs dif
. the economy is mediocre at best, but even having said all that, that stocks have raced ahead of some of the weakness in the high yield bond market, to me i think still one of the best features of stocks when i talk to individual, and importantly, investors there are still a misuse of stocks when companies are generating an 8% return on equity, and if we get that 10% correction, just grind your way through it, fight your way through it and buy what you thought was too expense ive tod. >> that's an interesting point, because on the feds tapering, that's basically what people are trying to navigate around. rick santelli, give us your sense of what we hear out of bernanke tomorrow and wednesday? >> you can't get hd quality picture on a 1953 philco tv. that's the way i look at it. the markets are looking for answers to an exit strategy that can't be had. some people blame communications. i don't blame communications. i think these programs in their triggers for an exit and the relationships that the fed is trying to fine-tune with this rate of unemployment, this degree of growth in the ec
which will have a terrible impact on state and local economies. going back to when the government tries to implement compassion it will always be done on a political basis. i want to speed up because we want to leave time for discussion and our other panelists. i want to give you an example how this happens. i heard this great example. think about a mother who steals to feed her children. she goes to children. her children end up in foster care. we have sympathy and there is the terrible situation, where is the outcry for amnesty for such a person? where the outcry for family reunification for someone broke the law. it is not there? why? because she is not a member of desired political block people in washington trying to garner favor for. that is to go back to let individual discuss 19 we get mandate for compassion. go next to verse 34, right after the mandate that we exercise kindness to strangers, it also prohibits unjust weights and measures. that is what this bill is. it is an unjust weight and measure. we need to take the things into consideration. i could go on. this bill also, a
are a bit higher as a sign the overall economy is strong and these are good things. i would think that would be good for the market and investors. >> reporter: ben bernanke is talking about a growth rate of 2.5%. and he's not talking about a flood of new jobs coming into the economy tither. he's got to quit the printing money at some point. he's hinting he will do it soon but he's not leaving a strong underlying economy underneath it. that's why to some degree you have got the selloff in the stock market. martha: an all female jury will decide if george zirmman committed murder when he shot and killed teenager trayvon martin. today we expect we'll hear whether a potentially critical piece of evidence will be admissible during this trial. phil keating is live in miami. this hearing focuses on that 911 call we heard so much. in that call we hear the gunshot, right? >> right. this is potentially decisive expert testimony money that can persuade this jury to go guilty or not guilty. whether it's george zimmerman's voice or trayvon martin's voice screaming in the audio tape. even saying quote, i'
of this meeting is to fire up our economies and drive growth and prosperity around the world, to do things that make a real difference to people's lives. and there is no more powerful way to do that than by boosting trade and than by launching these negotiations on a landmark deal between the european union and the united states of america. could at 80 billion pounds to the u.s. economy and 85 billion pounds to the rest of the world. two million extra jobs, more choice and lower prices in our shops. we're talking about what could be the biggest bilateral trade deal in history. a deal that will have a greater impact than all the other trade deals put together. when we last met at camp david and suggested we could reach this moment many doubted it would be possible. everyone knows these trade deals are difficult. some take years to get off the ground and some never happen at all. it's a testament to the leadership of everyone here we've reached this point. we must maintain that political will in the months ahead. -- once in a generation opportunity and we must seize it. >> today we announced
. >> and if we can be freed from some of the regulatory burdens, this economy could take off, and so will the stock market. >> thank you, sir. join us tomorrow. "squawk on the street" begins right now. >>> good morning and welcome the "squawk on the street." i'm david faber with jim cramer and scott right here. carl quintanilla is off this morning, and afterf a 100-point rally, the fed is under the microscope as it begins, you know it, a two-day meeting. the futures are holding onto the gains and consumer prices up one point in may, and housing starts rose above street forecast, but we are looking for a higher open. >> yes. >> and a actually more defensive. looking at europe, a mixed picture, and you can see it on the continent there, but a lot of green on the map. start with our own road map starting with day one of the fed meeting as the market swings over almost any mention on the word of the word taper. president obama hints that ben bernanke could be on his way out. scott? >> and david, here is sony activist dan loeb asking for a second time to spin off the entertainment arm. th
is making out, you know, like a bandit and what i found is we basically had been living in two economies in this country for the last ten years. there's the economy where you and i know where people are hard pressed jobs are tight and money is tight and then there's the healthcare economy where everybody is doing really well except maybe the nurses and the doctors but the people that sell the equipment, the people that make the drugs, the people that run the allegedly nonprofit hospitals are all making ridiculous amounts of money. >> so you mean the doctors who spend 12, sometimes 15 years just preparing to be a doctor are making less money. >> far less unless they got in the system so they started a clinic where they can send patients or they're consulting for a drug company, they're not making the big bucks. the guys who make the cat scan equipment or the pharmaceutical sales men and executive, the hospital administrators, your local nonprofit hospital without even knowing it, i can tell you that the guy who runs your local hospital in little rock makes well over $1,000,000 and a half
is because ben bernanke said we might taper back from this printing. >> we might end it if the economy gets better. i don't believe they're really going to do this. >> steve: you don't? >> no. i don't think ben bernanke will be replaced by janet yellen who is into printing money. i think they will not allow the obama economy to rest on its own. they will keep printing money to keep this feeble economy. if you stop printing money, then all the impact of obamacare, higher taxes, all the regulations that this president has imposed, those chickens come home to roost and forget about the 3% growth. we'll have 1% growth if we're lucky. >> steve: we probably have 3% growth because of this printing of the money. >> right. >> steve: i know you don't think it will happen any time soon. but if it did happen next month what, would happen? >> if he stopped printing money next month, the market would go down to 12,000. i've been on tho thank show and i said if he keeps printing money, there is no stopping it. >> steve: you say 20,000? >> if he keeps printing, dow 20,000 in the next couple years is feasib
that the u.s. economy is on the road to recovery. baby boomers are fueling rv sales. the motor home business hit a detour during the last ut now r vehicle sales apparently are up over the years. so what does this mean for the larger economy? let's bring back brenda buttner, senior business correspondent and anchor of "bulls and bears." thanks for coming back. >> absolutely. >> what is driving these numbers? they're up over the past year. >> they're up tremendously. right now nine million american households own rvs, that's the highest level ever. it's a $14 billion market in the u.s. but essentially you need a lot of confidence to buy a gas guzzling home on wheels. so what this is basically saying is that consumers are confident. essentially rv sales, they kind of anticipate a recession, but they also can foreshadow a recovery. so these sales show that perhaps we're on the road to recovery. >> because when sales bottomed out, it was due to a number of factors. like gas prices -- >> yeah. they didn't just bottom out. they went over a cliff from 2006 to 2009 motor homes, rv sales, fell 60%. th
. the president's approval rating on the economy in this poll is 42 approve, 57 disapprove, and as you know a lot of young people are getting out of school and not being able to find a job, and a large number of kids who get out of college are moving back in with their families. i think this is more than just nsa, it may be the economy, it may be the overall perception of the president. the other interesting note in the poll was that for the first time he was viewed by the american people as not honest and trustworthy. 49% said that phrase applies to him. 50% says it does not a my to him. that could be another thing, because young people had such -- he was such an aspirational figure to younger voters and younger americans and if there is agreeing perception that he's not shooting straight with him, that he's not honest and trustworthy that could be very close not only among young people but among all voters. jon: isn't that perhaps the bigger problem i mean for him? because it's one thing to have your job approval rating kind of bounce up and down, but once you are perceived as not necessarily t
the economy offset these gains in some of the financial sectors. shrugging off weakness in the mainland, property place outperformed hong kong helping the hang seng gain 1.2% today. the sector rebounded for the second session after very sharp selloffs recently. so we may be seeing some bargain hunting here. and elsewhere in australia, banking shares helped at the sx 200 reversed earlier losses ending higher by 0.7%. but under pressure, down 0.3%. and some of the southeast asian markets also trading in the green at the moment. back to you, ross. >> all right, catch you later. joining me in the studio, co-ceo of wells fargo financial services. american stocks down three out of the last four, this after good gains this year. is sentiment going to be shifting around now over the next few months as we question the fed and japan? >> undoubtedly we'll continue to see a lot of volatility. just look at this morning. we have the nikkei up 2.75%. today we have the futures up in the u.s. about 1% and within europe, about 0.75%. and i think we'll continue to see that. the question about japan is, do
changes to make there, but the really big news on the economy came yesterday. obviously, with ben bernanke. >> joining me is former treasury official and analyst steve rattner. also, we have new york times reporter jeremy peters. good to have you both onboard. we'll start with ben bernanke. he expressed confidence in the nation's economic growth yesterday saying the fed will start to rein in its stimulus program later this year. bernanke laid out the federal reserves plan, which includes tapering off its multibillion bond-buying program until the unemployment rate drops to 7%. the fed expects that to happy the middle of next year. >> that's great news, right? >> in some way. >> so that's the good news. what bad news could there be from that, steve rattner. >> i think we'll find out. >> the fed will also hold off on raising interest rates keeping them to near zero until unemployment falls to 6.5%. as for wall street's response, this may be where things change. the markets took a dive as soon as bernanke started speaking. by 3:05 the dow fell 140 points closing the day down more than 200, st
that solved san francisco start to reverse the tide in terms of our economy by reinstating additional revenue and supporting small businesses, enhancing our public safety by holding three police academy and one fire academy and starting to address our needs in terms of open space and pedestrian safety. the city is continuing our efforts and being fiscally responsible by for the first time in san francisco's history, passing a two-year budget which creates a better for all those interested in the budget, to see the path that we are laying down and having a five-year financial plan. that insurances the systematic prudent and fiscally responsible vision of the city. it is important for us to know what lies ahead, to better prepare the city to address the challenges of the future. but also to learn from what we have done before. i look forward to hearing from all of you today about what you think should be priorities of san francisco in district 7 and district 4. i strongly believe that putting all of our minds to the task we will get a better out come. i would like now to introduce my colleague,
be the thing to happen for the united states government and the economy and it's been barely a ripple. heads of state oftentimes make symbolic sacrifices even if they don't balance the budget right away. the president can say i am not going to take a vacation. i'm going to stop golfing. but he has done none of that. the trappings that come with the american presidency. michelle and obama were going to take a safari and there would have to be a sniper team. when t.r. went to africa he carried his own gun and protected himself from a lot of animals. in fact the animals need protection from him. bill: 14 limousines, 3 trucks loaded with bulletproof glass to cover the windows of the hotel where the first family is staying. >> this is bigger than barack obama. if people are concerned about this they have to look at the travel of across net secretaries when they go overseas. bill: you set the example. you show people what you are doing and say this is how we are cutting back. can you give us one example how the white house has cut back since sequestration has cut back? >> they cut off the tours. p
, so when does that mess over there start forcing gasoline prices higher and maybe the economy, not just here, but globally lower? sue is at the new york stock exchange. hi, sue. >> hi, ty. food to see you. when a monday on wall street to start out week. the dow has been on the move, smartly higher. right now a triple-digit advance on the dow right now of 166 points. the s&p and nasdaq also in green territory with the s&p up just better than 1%, and the nasdaq is up 1.25%, so actually the nasdaq is faring the west of the three indices 3-m, delphi a hitting all-time highs and boeing, staples, amat hitting 52-week highs. the dow having a triple-digit move, but this is the fifth straight move th session where we've seen that kind of move. a look at the vix and we'll talk about that in just a second. the last week it was up 8%, and that brings us to bob pisani who also tracks the volatility. >> we do, and while it's been up since may 22nd when mr. bernanke gave his congressional testimony, the important thing is steady as she goes. the last few days, real found a floor. look at the
the population is in decline, and the gaming industry is in desperate shape, but the slowing economy didn't stop wynn from opening his most opulent casino-resort yet, the encore. charlie rose, who has known steve wynn both personally and professionally for about 15 years, was on hand during encore's opening night back in 2008. >> if all of our customers and friends are at the tables, gentlemen and ladies, place your bets. let the games begin. [cheers and applause] >> at 67, steve wynn is a legend in las vegas... >> if you're gonna start a gambling joint, start a gambling joint. >> the man with the midas touch who added glamour to the gambling industry. >> isn't this fun? >> it's perfect. >> even in this recession, thousands came to try their luck at his new casino. >> that's what i'm talking about! >> whoo! >> encore cost nearly $2.3 billion, a risky bet in a bad economy. why, in this economic environment, would you open a hotel? >> well, i'll tell you right now that if i had any idea this-- i wouldn't, if i had a choice, but this project was started four years ago. these things have a huge lead
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